Chesapeake Energy Corp. shareholders rejected two directorsinvolved in a probe of Chief Executive Officer Aubrey McClendon'spersonal finances after slumping energy prices and overspendingwiped out $2.6 billion in market value this year.

V. Burns Hargis and Richard K. Davidson, members of thecompany's audit committee, offered to resign after receivingsupport of 26 percent and 27 percent of votes cast, respectively,at the annual meeting at Chesapeake's Oklahoma City headquarterstoday. The board doesn't have to accept the resignations and willreview them “in due course,” according to a statement.

McClendon has been under increasing scrutiny from investors andanalysts for obtaining personal loans from some of the company'sbiggest financiers and for a wrong-way bet on natural-gas pricesthat worsened a cashflow shortfall. Chesapeake's two largestshareholders plan to take control of the board this month asMcClendon approaches the end of a 23-year reign as chairman of thecompany he co-founded.

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